đ Bitcoin ( $BTC ) Price Analysis: Will BTC Rally to $100K or Correct Below $80K First?
đ Bitcoin's All-Time High Surge
Bitcoin has skyrocketed to a new all-time high, nearing the $90K mark in an impulsive rally. A mix of another Federal Reserve rate cut and President Trumpâs re-election has fueled a risk-on sentiment, driving demand for assets like Bitcoin.
đ Daily Chart Analysis
The daily chart shows Bitcoin breaking above both the 100-day and 200-day moving averages, confirming a bullish trend. The 100-day MA crossing above the 200-day MA (a Golden Cross) signals strong bullish momentum, sparking FOMO among investors. However, a corrective phase is likely, with the 0.5 ($74K) and 0.618 ($70K) Fibonacci levels expected to serve as support zones.
đ 4-Hour Chart Insights
On the 4-hour chart, Bitcoin continues its bullish trend within a rising price channel, with higher highs and higher lows. A recent bounce near $70K pushed the price to $90K, but consolidation near the channelâs upper boundary suggests a possible pullback to around $80K. Caution is advised, as FOMO can lead to hasty entries; waiting for a correction might offer better buying opportunities.
đ On-Chain Analysis
Bitcoinâs surge to $90K has led to profit-taking, especially from miners. The Miners Position Index (MPI) has soared above 2, indicating increased selling pressure. As miners hold significant Bitcoin supply, this can weigh on prices if demand falters, increasing the risk of a deeper correction.
